Verani Realty Commercial Division

Market Monday: August 2020 Office Update

If you’re wondering how the office market is faring 6 months after a national state of emergency was declared, look no further!

It seems that the volume and velocity of transactions is starting to pick up again. With 14 new signed leases recorded in August, it seems like people are starting to feel more comfortable working in an office environment. That’s not to say they shouldn’t continue to be careful! Here at Verani Realty we have actually stepped up our health and safety protocols both in the office and on showings recently in an effort to help prevent the spread of the virus.

While there were 14 completed lease transactions reported, there were also 4 completed sales of office buildings/condos recorded. Those 4 sales were actually completed at an average selling price that was 124% above the asking price. While we have limited details about what those deals entailed, it’s safe to say that over asking is definitely something a seller should be pleased about!

With about 1,091,071 square feet of office space still available for sale, and even more available for lease, there is no shortage of supply for office space right now.